Risk & Compliance Manager at Britam

Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of financial products and services in Insurance, Asset management, Ban...
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The role holder is responsible for ensuring the company risks, including operational, financial and country risks are understood and managed within the risk appetite and also ensure compliance with regulatory and supervisory requirements.

Key responsibilities

ENTERPRISE RISK MANAGEMENT

Assist the BU board with developing and implementing the group enterprise risk management framework which includes articulating the risk appetite statement.

Development of the risk management culture to support the implementation and effective operation of enterprise risk management.

Advise senior leadership on significant key risk exposures while maintaining a perspective that is both independent and sensitive to the commercial objectives of the enterprise.

Ensure that there are appropriate tools and methodologies such as VaR deployed to measure and quantify the current risk exposure on key parameter such as group earnings and capital.

Ensure there are risk registers maintained for the BU in the Group that comprises key potential risks facing the BU and that the risk register contains the corresponding risk indicators.

Continuously liaise with the various Business Units/countries to identify, quantify, mitigate and monitor operational and financial risk across the group.

Develop and implement risk responses to ensure that risk factors and events are addressed in a cost-effective manner and provide management with information to enable risk response decisions.

Monitor risk and communicate information to the relevant stakeholders to ensure the continued effectiveness of the enterprise’s risk management strategy.

Report on all risks on the group risk taxonomy and captures and report on risk events.

Develop and maintain risk management guidance materials, controls, training resources and an internal ERM manual for use at Board, BU and departmental level.

COMPLIANCE MANAGEMENT

Design and ensure implementation of the Group Compliance Management Policy and Framework.

Ensure periodic review of compliance with regulatory and supervisory requirements as well as Britam internal policies.

Advising BUs/countries on the regulatory implications of future business strategies.

Advising senior management on the implications and scope of internal policies and related plans.

Ensure due diligence reviews are carried out, reporting on the outcome of Anti Money Laundering risk assessments and ensuring that remedial action is taken.

Ensure that suspicious transaction reports and cash transaction reports are filed as appropriate with the Financial Report Centre.

Ensure full compliance with International, Regional and Local regulation and legislation governing Anti-Money Laundering and Counter Terrorism initiatives.

GENERAL

Build the required risk management skills and ensure training of the board is carried out to provide a more effective management of risk and to keep up with increasingly complex regulatory requirements.

Represents the BU in industry associations on matters related to risk, compliance and ethics and in interactions with regulators.

System owner and functional administrator for enterprise risk management, compliance and business continuity information system and analysis software

Driving and embedding the appropriate risk culture across the business

Driving of the risk technology and ensure the appropriate functioning of the risk committees.

Knowledge, experience and qualifications required

Master’s degree in finance, business administration or related field

Bachelor’s Degree in Finance, Business Administration or a related field

At least 12 years’ experience and at least 6 years in a managerial role with prior experience of 4 years in a risk management insurance in a busy and high performing insurance company or group.

Accreditations in Risk Management required.

Change Leader Competency Descriptions.

Deciding and Initiating Action - Ensures key departmental objectives are met, takes responsibility for decisions, actions, projects and people while focusing on achievement of departmental results; takes initiative and works under own direction; initiates and generates activity; makes quick, clear decisions with limited information available which may include tough choices or considered risks; decisions and actions take into account possible impact on all parts of the business.

Leading and Supervising - Provides the department with a clear direction based on the overall strategic intent of the organisation; Building high expectations about the success of the department; motivates and empowers others with a clear sense of purpose; creates a positive departmental climate that fosters learning and development; acknowledges high potential talent; Recognize the potential of individuals sets and articulates the vision and values through own personal behaviour; Push autonomy and empowerment downwards through the department.

Persuading and Influencing - Gains clear agreement and commitment from others by persuading, convincing and negotiating to the benefit of the department; promotes the organisational strategy during departmental conversations; makes effective use of political processes to influence and persuade others; promotes ideas on behalf of the department and the organisation; makes a strong personal impact on others; takes care to manage the department’s impression and brand on others.

Formulating Strategies and Concepts - Works strategically to realise organisational goals within the department; sets and develops departmental strategies; identifies and develops positive and compelling visions of the department's future potential; Ensure departmental Balanced Score Card objectives and KPI’s are met and Exceeded; Ensure Personal Scorecard Objectives are met and exceeded; takes account of a wide range of issues across, and related to, the organisation; Work with direct reports to ensure the cascading of the strategic plan into integrated departmental plans that are meaningful to individuals; encourages others to take a strategic and long-term view in terms of the department's future; Emphasise the impact and importance of individual contributions to the successful implementation of the organizational strategy in the department; Evaluate my own and others’ performance fairly and objectively; communicates the organisational strategy, vision and objectives effectively across all levels in the department.

Entrepreneurial and Commercial Thinking - Keeps up to date with competitor information and market trends; identifies business opportunities for the department; maintains awareness of developments, changes, Add value to the department by capitalising on new business opportunities; trends and possible risks in the department's structure and politics; demonstrates financial awareness; Identify ways to increase the Britam competitive advantage, exploiting those that will bring the greatest return within an acceptable level of risk; ensures costs are monitored and controlled and thinks in terms of profit, loss and added value; Ensure that sufficient data about financial and other parameters of departmental performance are available; Interpret departmental information objectively against appropriate benchmarks.

Relating and Networking - Easily establishes, as well as assists others in building meaningful relationships with customers and staff across all levels of the organisation, inside and outside of the department; relates well to people at all levels; facilitates the resolutions of conflict and manages disagreements with tact and diplomacy.

Creating and Innovating - Promotes departmental improvement within relevant scope of influence; produces and encourages new ideas, approaches, or insights; creates the environment for innovative products or designs; produces a range of solutions to the strategic benefit of the department.

Adhering to Principles and Values - Upholds and encourages ethical behaviour and organisational values; demonstrates integrity; promotes and defends equal opportunities, builds diverse teams; encourages departmental and individual responsibility towards the community and the environment; models the organisational values during every day interactions.

Achieving Personal Work Goals and Objectives- Accepts and tackles demanding departmental and personal goals with enthusiasm; leads by example by working hard and putting in longer hours in order to ensure successful implementation and completion of projects; show self-insight in own development needs.

Adapting and Responding to change - Anticipates and effectively adapts to changing circumstances and ambiguous situations; accepts and actively drives new ideas and change initiatives; adapts interpersonal style to suit different individuals or situations; Monitor changes in departmental issues, structures and dynamics and appreciate their implications for the business; Demonstrate an understanding of the links between the Britam’s structure, goals and capabilities; Constantly aware of competitors, trends and changes in the markets that the Britam works within; Maintains a focus on key priorities and deliverables, staying resilient in the face of pressure; Implement changes within my department to achieve set change goals; Responds flexibly to changing circumstances; Recognises when unable to cope and asks others for help; Uses change as an opportunity to improve ways of working, encouraging others’ buy-in; Takes ownership for communicating change initiatives clearly, ensuring smooth implementation

Analysing - Strategically analyses sources of information, breaking them into component parts, patterns and relationships; makes rational judgements from the available information and analysis; demonstrates an understanding of how one issue may be part of a much larger system.

Staff development- Create a positive departmental climate that fosters learning and development; Identify development needs within my department; Ensure direct reports have personal development plans in place that are regularly reviewed; Provide honest and constructive feedback on my team's performance; Act as coach or mentor when appropriate; Allocate power, responsibilities and authority to appropriate subordinates.